Lagos—The value of the Naira yesterday depreciated against the dollar by N3, to close at N208 at the Bureau De Change (BDC) from the N205 it sold for on Friday. The News Agency of Nigeria (NAN) reports that the development was an appreciation following the N224 it sold for before the March 28 presidential election. The Naira, however, at the parallel market, otherwise known as the black market, remained stable at N206 to the dollar since Friday.
The currency traded against the pound at N301.50k at the BDCs and the black market, respectively. The Naira also exchanged for the Euro at N228, from the N230 it traded for on Friday. Meanwhile, the official rate is still N197 to the dollar at the Central Bank of Nigeria.